Minutes - 2004/06/28 - Laserfiche WebLink

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Mounds View City Council June 28, 2004 Regular Meeting Page 6 Council Member Marty withdrew his motion. Council Member Gunn agreed to the withdrawal of the motion. MOTION/SECOND. Stigney/Linke. To postpone a decision on Resolution No. 6292 to allow staff to bring further information back to the Council. Ayes-5 Nays-0 Motion carried. 10. COUNCIL BUSINESS A. 7:00 p.m. Public Hearing to Consider Resolution 6296, Approving the Modification to the Project Plan for the Mounds View Economic Development Project. Mayor Linke opened the public hearing. There was no public comment. Economic Development Director Backman stated the City and the EDA need to process an amendment of the City's Project Plan to incorporate revised development budgets and the possibility of development/redevelopment, especially for development likely to occur along the County Hwy. 10 Corridor. In addition, the Office of the State Auditor has ruled that the EDA may not purchase any land utilizing tax increment funds without first having amended the Plan to explicitly identify those properties it intends to acquire. The Project Plan is amended to include the following estimated public improvement and development costs: Land Acquisition $3,500,000; Site Improvements $1,800,000; Road Improvements $2,000,000; and Public Utilities $1,800,000. These costs are anticipated to be made or incurred within the Project and financed in whole or in part by tax increment or other available revenues of the EDA. The total estimated costs authorized to be expended ($9,100,000) are in addition to all other authorized costs. Economic Development Director Backman stated that Staff has created a map that identifies 211 parcels in the City of Mounds View that could be acquired by the EDA. The largest number of parcels (93) is found in the northwest quadrant of the City. The northeast quadrant has 43 parcels, the southwest quadrant has 22 parcels, the southeast quadrant has 45 parcels, and the far southeast quadrant has 8 parcels. From the current land use perspective, approximately 36 are commercial parcels and 175 are residential parcels. Blighted residential properties and underutilized residential properties are included on the map. Economic Development Director Backman stated that Staff has been working with Ehlers & Associates, the City's TIF financial advisor, to prepare the Project Plan modification. The Mounds View Planning Commission considered the Plan modification on June 16, 2004. The Commission adopted Resolution 762-04 recommending to the City Council approval and verifying that the modification is in compliance with the City's Comprehensive Plan.